Latest update on Bitcoin
Updated
Hello traders. Welcome to Latest wave update on bitcoin. From the chat, we can see a clear 5 wave move from higher 8k to around 12.5k with a truncated wave 5 because wave 3 was over extended, later we could talk about truncations and some wave basic terms, don't forget to drop a like, and a comment below if you want me to make an educational post on that soonest.
So, back to our update, after a 5 wave move to the upside, we can expect a corrective move to the downside, which could come in a WXY corrective structure or a WXYXZ corrective structure, which is how the market as reacted about 80% of the time. So, right now we can see a move to the downside from mid 12k to Lower 11k which I labeled w. Now, we expect btc to make some push to the upside around higher 11k to form an x wave in a small degree WXY structure.
Trading opportunity: a good trading opportunity is to take a swing trade from Lower 11k to higher 11k you can use fib retracement to take exit point. So, what we would be doing with student is to allow our indicator provide to us a valid entry for a short term swing to the upside.
Note: the swing to the upside is not a validation for the bullish continuation to yearly high, but a correction for the dip. In the mean term, the market is slightly bearish or in a corrective phase, at the same time this viewpoint doesn't negate the fact that btc may set a new yearly soonest. Don't forget to Follow, like and share with others if you enjoyed this update and free analysis, as this encourages me to provide more free update and analysis. Questions and suggestions are welcome in the comment box.
Thank you, and I'll see you soon shortly.
Have a wonderful time trading
Namaste traders.
So, back to our update, after a 5 wave move to the upside, we can expect a corrective move to the downside, which could come in a WXY corrective structure or a WXYXZ corrective structure, which is how the market as reacted about 80% of the time. So, right now we can see a move to the downside from mid 12k to Lower 11k which I labeled w. Now, we expect btc to make some push to the upside around higher 11k to form an x wave in a small degree WXY structure.
Trading opportunity: a good trading opportunity is to take a swing trade from Lower 11k to higher 11k you can use fib retracement to take exit point. So, what we would be doing with student is to allow our indicator provide to us a valid entry for a short term swing to the upside.
Note: the swing to the upside is not a validation for the bullish continuation to yearly high, but a correction for the dip. In the mean term, the market is slightly bearish or in a corrective phase, at the same time this viewpoint doesn't negate the fact that btc may set a new yearly soonest. Don't forget to Follow, like and share with others if you enjoyed this update and free analysis, as this encourages me to provide more free update and analysis. Questions and suggestions are welcome in the comment box.
Thank you, and I'll see you soon shortly.
Have a wonderful time trading
Namaste traders.
Note
The smart thing to do is wait for a retest of 11k support that should open a swing trade opportunity to the upside. If divergence is formed on the Oscillators that would give some conformations to take the swing trade to the upside. Remember, trading is a game of patient. Money is tranfered from the impatient to the patient. We're waiting for the retest with students to get a valid entry point.
Safe trade and trade responsibly
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